Reilly Mann Newell Realty Group announces the sale of 1408 Madison Ave., a twenty-five foot wide, five-story walkup between East 97th and East 98th streets, for $5,850,000

Real Estate Weekly,  May 9, 2007  

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Reilly Mann Newell Realty Group announces the sale of 1408 Madison Ave., a twenty-five foot wide, five-story walkup between East 97th and East 98th streets, for $5,850,000. The seller, 1408 Madison Associates, LLC bought the property, which consists of 18 apartments and one retailer, in 1977. All the rents are considerably below the market, which provides the purchaser, Group 103 LLC, with substantial upside potential.

The price represents a current return of 4.8% and is fifteen times the annual gross rent roll. The seller's legal representative was Mark Mandell, Esq. and the purchaser's Larry Kalik, Esq. Jim Mann was the sole broker in the transaction.

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